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Recovery of Interest by Banks: A Critical Examination of Nigerian Case Law

Olawale Ajai
Journal of African Law
Vol. 41, No. 1 (1997), pp. 109-117
Stable URL: http://www.jstor.org/stable/745672
Page Count: 9
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Recovery of Interest by Banks: A Critical Examination of Nigerian Case Law
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Abstract

The issue concerning the recovery of interest by banks in Nigeria has been discussed by the courts on a number of occasions. It is argued that the decisions contain a number of inconsistencies and ambiguities, not least the fact that on occasions some courts have erred in applying, without more, English custom or trade usage. The result is that it is difficult for customers who do not have knowledge of particular banking customs. The article argues that steps must be taken to remedy this problem and that special protection should be afforded to consumers who do not have the same degree of knowledge and experience as those from the commercial community.

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